Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year Operating Income (Loss) x Gain (Loss) from Sale of Investments 7,500 (12,000) Net Income (Loss) x $(21,000) Feedback > Check My Work Assets Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Available-for-Sale Investments, at Cost Valuation Allowance for Available-for-Sale Investments $90,000 12,000 Available-for-Sale Investments, at Fair Value Stockholders' Equity Unrealized Gain (Loss) on Available-for-Sale Investments Retained Earnings $86,000 (11,000) 10 $175,400 $220,000 $102,000 (16,400)

Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year Operating Income (Loss) x Gain (Loss) from Sale of Investments 7,500 (12,000) Net Income (Loss) x $(21,000) Feedback > Check My Work Assets Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Available-for-Sale Investments, at Cost Valuation Allowance for Available-for-Sale Investments $90,000 12,000 Available-for-Sale Investments, at Fair Value Stockholders' Equity Unrealized Gain (Loss) on Available-for-Sale Investments Retained Earnings $86,000 (11,000) 10 $175,400 $220,000 $102,000 (16,400)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 2PA: Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The...

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